Mon, 12 Oct 2015 | ADMINISTRATION
An aircraft maintenance company based in Hampshire has entered administration after struggling to find enough work to keep things moving, the BBC reported.
ATC Lasham operated out of Lasham and Southend Airport and provided scheduled and unscheduled heavy maintenance on Boeing and Airbus aircraft out of a four-bay facility.
Administrators from Grant Thornton have been appointed to handle the administration. A statement explained that 309 of the company's 373 staff have lost their jobs with a skeleton staff being kept on to help handle administrative matters.
The firm's financial distress has been attributed to a lack of work. Nigel Morrison from Grant Thornton commented: “The current outlook and forecast cash flow requirements have left the directors with no alternative.
“We will be urgently reviewing options and seeking ways to minimise the potential disruption that may be caused to customers.”
The team added that while the company usually sees a reduction in work over the summer months, this year they failed to see an increase in orders to fill their winter programme. While the firm tried to find additional investment to keep the business above water over the colder season they were unsuccessful.
ATC Lasham was incorporated in 1995 but has a long history. The airfield from which the firm operated was an RAF base built in 1942 and one of the early airlines, Dan-Air, also operated its sister company on Lasham airfield.
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